Dogecoin, the Shiba Inu meme inspired Cryptocurrency is now five years old with a market cap of $250 million.
Jackson Palmer introduced Dogecoin to the world for the first time on Twitter on November 27th, 2013 without a whitepaper. The Cryptocurrency officially took off on December 6th which makes it five years old as of now.
Original Shiba meme
Network Activity
Dogecoin launched without any pre-mine without a profitable mining structure. The best part about the meme coin was that it was minable with personal computers which was not possible with Bitcoin at the time.
Even though Dogecoin is not as popular as Cryptocurrencies like Bitcoin Cash, the network activity in DOGE outpaces other Cryptocurrencies. Most of the transactions are done outside of exchanges which means that DOGE is used for its actual utility rather than speculation, unlike most other Cryptocurrencies.
Community
One of the best attributes of Dogecoin and the only reason why it hasn’t died like most other Alts is its community. With an edge of humor, it blends well with the internet meme culture.
The Dogecoin subreddit has over 127k members who constantly share memes, videos of Shiba dogs and hilarious content. Unlike many other Crypto subreddits which have a lot of toxicity and arguments over various issues, the Dogecoin community has a very healthy and light approach towards DOGE and almost never fight.
Developments and Adoption
Unlike popular belief, there is development going on at the technical front of Dogecoin. For instance, the developers are actively working on releasing the 1.14 client upgrade to the network. There is also hype around the DOGE – Ethereum bridge which will allow users to seamlessly transfer DOGE to the Ethereum Blockchain and back.
Donations and micropayments in the form of tips have been the biggest use case for Dogecoin. It is very convenient to use DOGE as it only takes 5-6 seconds for a wallet to wallet transfer making it ideal for tipping.
Projects like Dogepal are pushing the adoption of Dogecoin in mom and pop stores.
Blockmanity’s Take
The fact that Dogecoin is thriving after 5 years is itself a proof that it is here to stay, it is not a joke anymore.
And always remember 1 DOGE = 1 DOGE
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